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Retirement tax questions
Oh no. You misunderstood. There is no exemption from the early withdrawal penalty for money you took out of a 401k for a down payment. That exception is only for a withdrawal from a traditional IRA for a down payment. You are going to be subject to the 10% penalty and the ordinary tax. Enter your 1099R on your tax return:
To enter your retirement income, Go to Federal> Wages and Income>Retirement Plans and Social Security>IRA 401 k) Pension Plan Withdrawals to enter your 1099R.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
‎January 20, 2022
3:41 PM
4,302 Views